DETAILS ON BANK ONE'S $132 MILLION ARIZONA INVESTMENT

Bank One's $66M, 30-year deal to name the Diamondbacks' new
retractable dome stadium "Bank One Ballpark" is joined by a $66M,
30-year radio and television advertising and promotional contract
with the team, according to the ARIZONA REPUBLIC. Under the
terms of the naming-rights deal, Bank One will pay $1M for the
first year and an additional 5% per year for the next 29 years.
The Maricopa County Stadium District, the taxpayer-funded body
that is paying for the park, will receive $325,000 the first year
and an additional 5% for 30 years, with the team receiving the
remainder of the payment. Diamondbacks Owner Jerry Colangelo
says the move will allow the team to remain competitive on the
field. Colangelo added that "baseball purists who might object
to the commercial name of the stadium should confine their
interests to the game, not the management of it": "In order to
deliver that product of the game itself, you need to build venues
that have the opportunity to pay for it." Bank One CEO Richard
Lehmann said that $1M is not a lot of money to spend compared
with the millions the bank spends each year on advertising:
"This is going to help my colleagues in Ohio, Indiana, Kentucky
and so on and so forth, because Bank One's name is going to be
talked about on a national basis" (Eric Miller, ARIZONA REPUBLIC,
4/6).